US Futures Market Review: Q4-2019

US market volumes came under pressure in the fourth quarter as a lack of volatility in the markets weighed on trading activity. For much of 2019, futures volumes appeared to be on track to outpace 2018’s record, but futures trading slowed with the drop in volatility, and 2019’s total volume ended a bit lower than 2018’s total. Options-on-futures volumes slowed toward the end of the year as well, but not enough to keep them from outpacing 2018’s record numbers. Globally, volumes grew across many markets, with India’s NSE claiming the title of the world’s largest derivatives exchange (by volume) that CME Group had held for years. Finally, FCM consolidation has come to an end, and AUM hit a record in October before backing off a little to end the year.

TABB Group’s Futures Market Review analyzes quarterly trends in the US futures and options-on-futures markets. In addition, we provide details on swap and volatility futures contracts, as well as a comprehensive ranking of the top 25 FCMs as determined by customer segregated balances held on their books.